St. Paul daily globe., 1887-10-09

weakness of the situation brought out
great quantity of long stock. A rather IA
Vorable bank statement was anticipated,
but it proved to be a disappointment,
Specie decrease, S170, 300; legal tenders
Increase, S40,300; deposits, increase
S4,54S, 900: circulation, decrease S157, 900.
The tone of the wheat market again got
weak toward the close. and during the
last half hour of the session there was
no spirit whatever in the trade. Sec
Ond cables were rather better, but the
prospective large increase in the visible
supply and the larger movement of
wheat from the interior were depreSS-
ing factors that could not be overcome.
Closing prices were at the bottom. Corn
was steady and very dull. Receipts are
large and the estimates for Monday are
$40 cars. Heavy arrivals are expected
for the next week. The shipping in
quiry is sufficiently lively, however, to
keep values steady, and there is an un-
dertone of considerable strength to
the market. Hutchinson and Phillips,
the rulers of the pit, are still decidedly
bullish in sentiment, and so long as
they think that way, and buy at every
indication OF a decline, the bears are
keeping close to shore. Fluctuations
to-day were within range of = cent,
and clOsingS are the same as yesterday.
Up = cent and off q cent was the limit
all day with next to nothing doing in a
speculative way. Nothing tranSpired
in provisions to make paragraph
about. The market was lifeless and
price changes insignificant. Estimated
receipts of hogs for Monday 20,0O0head.
The recent heavy purchases of October
wheat by Fleming u BOyden myStitied
the trade for while, but the deal is
plain now. The buying was for ac-
count of the elevator interest.
The rich elevator men were forced to
buy the wheat to keep it here. By lock-
ing up the receipts and holding the
grain off the market they propose to
carry the property into December. 1t
then, and will be delivered out. The
natural carrying rate for October and
November is II cents per month,
exclusive of Insurance, interest, etc.
The best Fleming Il Boyden conld do
for their clients by buying October and
selling December was &c per month
storage, net. Thus it happens that the
wheat in the Chicago elevators. or the
bulk of it, is being carried by the pro-
prletOrS of the warehouses themselves
for 30 per cent less than they pretend to
charge the public for the same service.
BY delivering the property out on De-
cember contracts they feel reasonably
certain that they will obtain full winter
rates, for the simple reason that the
wheat cannot be moved elsewhere. A
knowledge of the true inwardness of
the situation deters free selling
in this market against country
wheat. This would be good thing for
the producer, perhaps, under ordinary
circumstances, but, unfortunately, spec
ulation has been paralyZed by high COM
missions and other causes, and the pub
lie is standing aloof. The market is
Stagnant-playing into the hands of
scalperS. Wheat does not come here
because of the eXtortionate storage tax;
bulls will not buy because they have
been taught by bitter experience that
they cannot beat these usurious charges,
and because of the higher commissions
charged on the Chicago board than on
other exchanges; and the bears and
shorts keep out because they are in con-
slant fear that the narrow and con-
tracted market will be 'oversold," in
which event they stand to lose more in
an hour on sudden furry than they
could hope to make in month. The
professional spectators ON the outside,
who are keeping away from Chicago on
account of the high commission rates,
are placing the trades sparingly in
other markets.